Australia

About the Fund

The Ardea Real Outcome Bond Complex ETF is a defensive fixed income solution that targets a stable return in excess of inflation over the medium term. The Fund primarily uses government bonds to create a diversified portfolio of high quality fixed income securities that seeks to prioritise liquidity and capital preservation. The Fund gains its exposure by investing in the Ardea Real Outcome Fund (Underlying Fund).

A differentiated pure relative value investment approach that accesses fixed income return sources beyond the conventional.
Targets consistent, stable returns independent of the level of bond yields, the direction of interest rates and broader market fluctuations.
An experienced investment team.
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Why this Fund

The Fund is intended to be suitable for investors who are seeking some income, along with protection against inflation, and the potential for capital growth over the long term.

Targeting stable returns above inflation to preserve capital.
Diversification and reliable income.
Experienced investment team.
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Fund Facts

About this fund
Last traded price (as at )
NAV per unit (as at 24 Nov 2025)
$24.8840
Fund size (at 24 Nov 2025)
$167.28m
Strategy size (at 24 Nov 2025)
$2.07b
Inception date
06 Dec 2018
Benchmark
Consumer Price Index
Currency
AUD
Distribution Frequency
Quarterly
Suggested Min Timeframe
At least two years
Portfolio Managers
Ben Alexander
Gopi Karunakaran
Fund IDs
APIR
-
ARSN
629 403 925
TICKER
XARO
ISIN
AU0000031700
Fees / Pricing
Management Costs
0.50%
Performance Fee (if applicable)
-
Minimum Investment
N/A

Last traded price: Data updated approx. every 20 mins.
Interests in the Ardea Real Outcome Bond Complex ETF   ARSN 629 403 925 are offered by Fidante Partners Limited (ABN 94 002 835 592 AFSL 234 668) (Fidante Partners). Fidante Partners has appointed Ardea Investment Management Pty (ABN 50 132 902 722 AFSL 329828) as the investment manager of the Fund. 

Fund Performance

Performance Table
Cumulative Performance

Fund Performance (Net) as at 31 Oct 2025

1M 3M 1YR 3YR (p.a) 5YR (p.a) 10YR (p.a) SI (p.a)
Fund 0.79% 1.52% 5.71% 2.59% 1.95% - 3.45%

Data powered by FE fundinfo

The Fund benchmark is the Australian Consumer Price Index. The inception date for the Fund is 10 December 2018. Past performance is not a reliable indicator of future performance. 
The performance of XARO will not exactly replicate that of the Underlying Fund, for example where cash is held by XARO. View the performance of the Underlying Fund.

Data powered by FE fundinfo

Performance is calculated on a bid-to-bid basis with income reinvested. It is important to know that unit prices reflect the value of the underlying assets of the funds and so can go down as well as up.

Past performance is not indicative of future performance. Where a fund invests in overseas securities, the unit prices may also rise and fall purely on account of exchange rate fluctuations.

Insights

View all insights
Bonds Don’t Need to be Negatively Correlated with Equities
Fidante sat down with Head of Research at Ardea Investment Management, Dr Laura Ryan and Portfolio Manager, Tamar Hamlyn to discuss the role of government bonds in an equity heavy portfolio.
New Study Indicates Gender Identity an Important Factor in Likelihood of Promotion
Those identifying as female employed in financial services are substantially less likely to be offered an unsolicited promotion than those identifying as male. However, those identifying as female are more successful at receiving a promotion when they request it.
Sovereign Debt Market Demands Clear Transition to Renewables
Governments that perform poorly in managing climate change transition may encounter difficulty finding investors to buy their sovereign debt, that is the finding of a research paper led by Dr Laura Ryan.

Resources

You should read the Fund's TMD and this PDS to ensure the key attributes of the Fund as described in the TMD and PDS aligns with your objectives, financial situation and needs before making a decision about whether to acquire or continue to hold the Fund.

Reports & Flyers

Fund Flyer
Fund Report
12H Report
AMMA Guide
Fidante Listed Product Distribution Reinvestment Plan
Annual Report

Offer Documents

Product Disclosure Statement
Target Market Determination

Product Updates

29 APR 2025: Update to Buy/Sell Spreads
10 APR 2025: Update to Buy/Sell Spreads

Fund Ratings

Organisation Rating
Lonsec Highly Recommended (assigned 10/24)
Morningstar Neutral
Zenith Approved
The rating issued for Ardea Real Outcome Bond Complex ETF – October 2024 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.
Morningstar Analyst Rating™ for Ardea Real Outcome Bond Complex ETF is ‘Bronze’ as of November 2024. © 2024 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser.
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 ratings (assigned Ardea Real Outcome Bond Complex ETF February 2025), referred to in this document are limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only.  This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice.  It is not a specific recommendation to purchase, sell or hold the relevant product(s).  Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs.  Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website.  Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments.  Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines